The Adani Group, one of India’s largest conglomerates, has called off its flagship follow-on public offering (FPO) after shares tanked in the stock market. The decision to shelve the share sale has sent shockwaves through the investor community, with the group’s market losses topping $100 billion.

Gautam Adani, the billionaire chairman of the Adani Group, has seen his wealth decline sharply as the company’s stocks have plummeted. In the past month, a staggering $90 billion has been wiped off the Adani Group’s business.

The Adani Group’s share offer was backed by some of India’s wealthiest billionaires, including Mukesh Ambani, Uday Kotak and Radhakishan Damani. The group had hoped to raise around $2 billion from the sale, but the plummeting stock prices meant the offer was unlikely to be successful.

The Adani Group’s share losses have come amid a wider turmoil in the Indian stock market. Analysts have attributed the losses to a combination of factors, including a weak rupee and a slowdown in economic growth.

The Adani Group’s decision to shelve its share sale has left investors reeling. It remains to be seen whether the group will be able to recover from the losses, or if the turmoil in the stock market will continue to take its toll.